ASSOCIATED BANC-CORP — Director's Dealing 2004

May 5, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ASSOCIATED BANC-CORP (ASBC)
CIK: 0000007789
Period of Report: 2004-05-03

Reporting Person: GALLAGHER ROBERT C (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-03	Common Stock $.01 Par Value	M	10468.0125	$15.9779	Acquired	279300.3125	Direct
2004-05-03	Common Stock $.01 Par Value	J	0.0125	—	Disposed	279300.3	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-03	Non-Qualified Stock Option (right to buy)	$15.9779	M	10468.0125	Disposed	2005-01-25	Common Stock $.01 Par Value (10468.0125)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock $.01 Par Value	0	Indirect
Common Stock $.01 Par Value	4309	Indirect

Footnotes

F1: Pursuant to insider's stock option exercise, fractional shares are paid out in cash.